The Malta Financial Services Authority (MFSA) has issued a circular and User Guidelines on the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2026 (Legal Notice 252 of 2026). The Amending Regulations form part of the second phase of Malta’s transposition of Directive (EU) 2024/1640 (AMLD6) and transpose Articles 11, 12, 13 and 15 of the Directive. They apply to trustees authorised under Article 43 and registered under Article 43B of the Trusts and Trustees Act, to private trustees under Article 43A, and to non-EU trustees reporting to TUBOR under Regulation 3A.
Access by authorities and obliged entities
EU Member State FIUs and police authorities, as well as EPPO, Europol, Eurojust and OLAF, now have immediate, unfiltered, direct and free access to the information held in the interconnected central registers. Obliged entities may access TUBOR for customer due diligence purposes, subject to verification of their status as an obliged entity. The term “subject person” is replaced by “obliged entity”, in line with AMLD6.
Legitimate interest access
The Amending Regulations introduce a framework for access by persons with a legitimate interest and journalists, civil society organisations, persons likely to enter into a business relationship with a trust, third-country AML/CFT authorities, EU Funds programme authorities and certain public authorities are deemed to have a legitimate interest. These applicants have access to limited information: name and surname, month and date of birth, nationality/nationalities, country of residence and nature of beneficial interest of beneficial owners as well as access to historical information on the beneficial ownership of the trust, including trusts that have ceased to exist in the preceding five (5) years, as well as a description of the control or ownership structure, as required by the Directive.
Granted access may be withheld in exceptional circumstances, including where disclosure would expose the beneficial owner to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation, or where the beneficial owner is a minor or legally incapable while refusals for access may be appealed before the Court of Appeal (Inferior Jurisdiction).
Verification powers and penalties
The Authority’s powers to verify that beneficial ownership information is accurate and current have been extended, and such verification may not be restricted or obstructed. Furthermore, the Amending Regulations introduce the following penalties:
- an administrative penalty of up to €100,000 on the trustee concerned, where the Authority has to update TUBOR itself following reported discrepancies;
- an administrative penalty of up to €150,000 for providing inaccurate, false or misleading information to obtain access;
- a criminal offence under new Regulation 9A, punishable by a fine of up to €466,000, imprisonment of up to four years, or both where any person “furnishes information, documentation or makes a statement or declaration which is known to be inaccurate, false or misleading in any material respect, or recklessly furnishes information, documentation, or makes a statement which is inaccurate, false or misleading in any material respect.”
The MFSA expects trustees to carry out a comprehensive review of the Amending Regulations and to seek legal advice as necessary. Further secondary rules will follow once the European Commission issues the relevant implementing acts and technical specifications. More amendments are planned to transpose the remaining provisions of AMLD6 and to align with Regulation (EU) 2024/1624, which applies from July 2027.
For further information on the amendments, please contact Shoulder Compliance.
